IPI looking to raise funds via convertible bonds issuance

Saipan casino operator Imperial Pacific on Monday announced it has entered into an MOU with a company called Zhongfeng International Investment Holdings with the aim of raising up to HK$50 million in a bonds offering. 

According to the company’s announcement, Zhongfeng has expressed the intention to subscribe to convertible bonds issued by IPI. 

The face value of the Convertible Bonds will be HK$50 million and the initial conversion price per share will be HK$0.05.

The parties will endeavor to finalize the deal within three months, it said. 

While the company did not mention the reason for the deal, it comes at no surprise given the financial pressure placed on the company lately due to a multitude of lawsuits, labor disputes, and mounting bills. All the while, the company, like many others, is suffering from the economic effects of the coronavirus.